The agency & primary document
- Allocating agency
- Vermont Housing Finance Agency (VHFA)
- QAP / guidelines
- https://vhfa.org/developers/lihtc/qap
- Governing document
- VHFA Market Study Standards (Appendix 3 of the QAP), effective Jan 1, 2025
- Methodology
- Agency-specific standalone methodology
Required market study sections
Vermont uses its own standalone market study methodology rather than the NCHMA Model Content Standards. Own-methodology (pure). VHFA maintains its own standalone Market Study Standards (a full content outline); NCHMA is never cited — it uses NCHMA-family terminology as its own glossary.
Key Vermont rules
- Staleness window
- Effective date within 6 months of submission; 6-24 months accepted with analyst re-review/certification letter; over 24 months not accepted (VHFA Market Study Standards, rev. Oct 2024, eff. Jan 2025)
Vermont-specific overlays
- New-construction projects must be in a market with a vacancy rate of 5.0% or less, demonstrated by the Market Study (QAP §2.12)
- Study by a disinterested party approved by the Allocating Agency, at the sponsor's expense
- VHFA may reject an application that would negatively impact existing rental stock
- Default Market Area = host city/town plus adjacent towns
Required companion documents
- VHFA Market Study Standards (Appendix 3)
- VHFA Appraisal Standards
- Capital Needs Assessment Guidance
- VHFA Year-15 Policy
- Building Design Standards
- Universal Design Policy
- Common Rental Application for Housing in Vermont
Things analysts miss in Vermont
- Market Study Standards are a separate PDF (Appendix 3), not inline in the QAP
- The 2026-2027 QAP was a draft pending the Governor's signature when fetched — confirm final
Build the Market Data section of your Vermont study
StudyScribe auto-fills the Market Data section — employment, unemployment, building permits, crime and amenities — from BLS, Census, HUD, FBI and Google sources, cites every figure, and exports a Word document formatted for Vermont Housing Finance Agency (VHFA) submissions. Start free — no credit card.
Request access for your Vermont study →Frequently asked questions
Who reviews LIHTC market studies in Vermont?
Vermont Housing Finance Agency (VHFA) sets the market study requirements and reviews submissions for Vermont Low-Income Housing Tax Credit applications.
How current must a Vermont LIHTC market study be?
Effective date within 6 months of submission; 6-24 months accepted with analyst re-review/certification letter; over 24 months not accepted (VHFA Market Study Standards, rev. Oct 2024, eff. Jan 2025)
Does Vermont follow NCHMA standards?
Own-methodology (pure). VHFA maintains its own standalone Market Study Standards (a full content outline); NCHMA is never cited — it uses NCHMA-family terminology as its own glossary.
Other states
This summary is for general reference and reflects Vermont Housing Finance Agency (VHFA)'s published guidance as understood by StudyScribe; it is not legal or compliance advice. Always confirm requirements against the current QAP / market study guidelines before submission.